July 2021

Quarter ended 30th June 2021Results Presentation

Presentation for Quarter ended 30th June 2021, July 2021

Safe Harbor Statement

This document contains certain forward-looking statements with respect to the financial condition, results ofoperations and business of UPL Limited (UPL) and certain of the plans and objectives of UPL with respect to theseitems. Examples of forward-looking statements include statements made about our strategy, estimates of salesgrowth, future EBITDA and future developments in our organic business. Forward-looking statements can beidentified generally as those containing words such as “anticipates”, “assumes”, “believes”, “estimates”, “expects”,“should”, “will”, “will likely result”, “forecast”, “outlook”, “projects”, “may” or similar expressions. By their nature,forward-looking statements involve risk and uncertainty because they relate to future events and circumstancesand there are many factors that could cause actual results and developments to differ materially from thoseexpressed or implied by these forward-looking statements. These factors include, but are not limited to, domesticand global economic and business conditions, the successful implementation of our strategy and our ability torealize the benefits of this strategy, our ability to develop and market new products, changes in legislation, legalclaims, changes in exchange and interest rates, changes in tax rates, raw materials and employee costs, our abilityto identify and complete successful acquisitions and to integrate those acquisitions into our business, our ability tosuccessfully exit certain businesses or restructure our operations, the rate of technological changes, political,economic and other developments in countries where UPL operates, industry consolidation and competition. As aresult, UPL’s actual future results may differ materially from the plans, goals and expectations set forth in suchforward-looking statements. For a discussion of factors that could cause future results to differ from such forward-looking statements, see also Risk management, of our Annual Report.

Q1-FY2022 Business Update

Carlos Pellicer

Presentation for Quarter ended 30th June 2021, July 2021

Q1 Highlights

4

₹ 8,515 crRevenue

₹ 1,862 crEBITDA

₹ 678 crNet Profit

91 daysNet Working Capital

+9%Vol.+6%, Price+2%

Crncy+1%

+9%Margin: 21.9%

+7 daysIn line with seasonality

+23%

₹ 25,099 cr.Gross Debt

₹ 1,325 cr.Increase

43.7%Gross Margin

+50bps

Note: All changes vs June 2020. Gross Debt increase vs. March 21

FY22 Outlook Maintained

Presentation for Quarter ended 30th June 2021, July 2021

5

Q1 Performance Highlights

Particulars Q1FY 2022

Q1FY 2021

B/(W) LY

Revenue 8,515 7,833 9%

Gross Margin 44% 43% +50bps

Fixed OH 1,855 1,679 -11%

EBITDA 1,862 1,704 9%

% Revenue 21.9% 21.7% +12bps

₹ crore9% Revenue Growth vs LY:

•Robust volume growth on the back of strong demand supported by better realisation in India

•Strong volume growth in LATAM, primarily driven by incremental Perito® and Sperto® sales in Brazil

•Strong growth in NAM driven by robust volume expansion coupled with higher overall price realization

•Europe sales impacted due to supply constraints, unfavorable weather

•ROW showed decline in revenues via-a-vis LY

50 bps higher Gross Margin vs LY:

•Better realisation and product mix, despite increased cost pressure

• LATAM margins impacted due to pre-booked orders

+9% EBITDA Growth with 12 bps improvement vs LY:

•Higher EBITDA partially off-set by cost and SG&A increases

24%

-11%-14%

19%

27%

Latin America Europe ROW North America India

Revenue Development by Region Revenue Variance

Presentation for Quarter ended 30th June 2021, July 2021

Q1 Regional Highlights

2,507

2,015

LATIN AMERICA24%

Q1FY22 Q1FY21

1,522 1,703

EUROPE-11%

Q1FY22 Q1FY21

1,350 1,578

REST OF WORLD-14%

Q1FY22 Q1FY21

1,221 1,027

NORTH AMERICA19%

Q1FY22 Q1FY21

1,9141,511

INDIA27%

Q1FY22 Q1FY21

Strong volume growth led by Brazil

Higher volume andstrong price realization

Impact due to unfavorable weather, supply constraints

Unfavorable weather, supply constraints reduced volumes

Strong performanceversus market

• >40% rev growth in Brazil, while other countries have remained nearly flat versus Q1FY21

• Mexico impacted due to severe drought; however, expected to catch up during the year

• In Brazil, strong volume growth of Perito® (by ~2x) and Sperto® (by ~1.8x), coupled with higher price realization for Perito® led to overall growth in the region

• Delayed price realization due to pre-booked orders

• Further upward price revision expected in Q2 for Unizeb Gold®, Sperto® and Perito® to improve price realization

• Higher commodity prices, strong seasonal outlook, coupled with increase (~1-5%) in acreages of most major row crops

• US administration’s decision to maintain the tariff structure for Chinese imports

• Overall price realization up, adequately compensating for marginal cost increase

• Strong growth in post patent products, along with increase in other segments

• Unfavorable weather conditions shrunk market in key areas

• Most of the decline in South European countries:

• Propanil non derogation in Iberia which impacted sales vs Q1FY21

• Entry of Clethodim generics in France impacted sales versus prior year

• UK mancozeb based formulations (Manzate® and Nautile®) phased out to Q2

• Growth in SE Asia, AME regions despite COVID related challenges; upside due to favorable commodity prices

• Vietnam Glufosinate supply constraints offset by increased sales in Thailand

• China impacted by Glufosinate supply constraints and unfavorable weather which impacted citrus sales

• Japan sales down by ~30% vs Q1PY due to lower H&NS, along with JPY depreciation

• Despite delayed monsoons in parts, COVID second wave, and delayed upward price revision, market grew by 6-7% in Q1FY22

• Favorable commodity prices (~+14% for food grains, ~36-48% for cash crops, pulses, etc.)

• Strong vol. growth (~14%) of Glufosinate (Ferio®,Sweep Power®), coupled with higher price realization (by ~7%)

• Flat volume for Ulala® (Flonicamid)

7

UPL launches two important businesses showcasing the power of OpenAg

7

Launch Date

July 19th, 2021

• A digital platform that advances resilience for farmers and the food system, making agriculture simple, profitable and sustainable through technology-led solutions for generations to come.

• Covering every step of the farming life cycle nurture.farm will operate as an open platform in the supply of products, innovation and mechanization

nurture.farm - Brand Movie

• A new global business unit housing UPL’s comprehensive portfolio of natural and biologically derived agricultural inputs and technologies.

• A stand-alone brand, consolidating UPL’s existing biosolutionsportfolio, network of R&D laboratories and our facilities worldwide.

• The strength of NPP shall be a catalyst to our progressive approach to sustainable agriculture to meet the innovation and technology needs of farmers, consumers, and the environment.

NPP - Brand Movie

Launch Date

June 28th, 2021

Q1 FY2022Financial Results Update

Anand Vora

Presentation for Quarter ended 30th June 2021, July 2021

Profit and Loss Account

9

₹ crore

Reported % Reported % %

Total Revenue from operation 8,515 100% 7,833 100% 9%

Variable Cost 4,796 56% 4,451 57%

Gross Margin 3,719 44% 3,382 43% 10%

Fixed Overheads 1,856 22% 1,679 21%

EBITDA 1,862 21.9% 1,704 21.7% 9%

Other Income / (Loss) (41) 194

Amortization / Depreciation 551 522

Finance Cost 607 551

PBT 664 8% 825 11% -20%

Tax (152) 143

PAT 816 10% 682 9% 20%

Income/(Loss) from Associate Co. and JV (4) (5)

Minority Interest 72 102

Profit After Tax, Associate Income &

Minority Interest 741 9% 575 7% 29%

Exceptional Cost 63 25

Net Profit 678 8% 550 7% 23%

Particulars

Q1 FY22 Q1 FY21 Change

Presentation for Quarter ended 30th June 2021, July 2021

10

Net Exchange Impact

₹ crore

Exchange ImpactQ1

FY 22Q1

FY 21Change

MTM hedges and exchange Impact in Finance costs

202 177 25

Exchange impact in other income 89 (128) 217

Net Exchange Loss 291 49 242

• Advance orders in excess of $500mn in Brazil booked

in March’21

• Hedges taken to protect revenues on account of

currency devaluation

• MTM loss in finance costs are on the hedge taken on

the open orders (BRL:USD from 5.6 in March’21 to

5.0 in June’21)

• Benefit against these MTM’s to be recognized in Q2

and Q3 as we execute the orders

Presentation for Quarter ended 30th June 2021, July 2021

Working Capital Analysis

118 118

145

91

106

116

138

84

I N V E N T O R Y R E C E I V A B L E S P A Y A B L E S N E T W O R K I N G C A P I T A L

Q1FY22 Q1FY21

11

Q1FY22: 12,640 cr.Q1FY21: 10,243 cr.

Q1FY22: 12,597 cr.Q1FY21: 11,259 cr.

Q1FY22: 15,457 cr.Q1FY21: 13,338 cr.

(No. of days)

Note: As a risk management measure, the company has been selling its receivables on non-recourse basis to banks. Receivables sold as of 30th June 2021 were 7,004 crore (30th June 2020: 6,000 crore, 31stMarch 2021 7,623crore)

Presentation for Quarter ended 30th June 2021, July 2021

12

Cash Flow Statement (1st April 2021 to 30th June 2021)

₹ Crore

4,853 3,632

1,242

-596

-

617 -

Opening Cash fromOperations

Cash fromFinancing

Cash from Investing

Closing

• Cash from op. activities: +1,718 cr

• WC : - 2,273 cr• Tax: - 452 cr• Other Assets: - 236 cr

• Capex: - 604 cr• Others: 8 cr

• Net ST Borrowing: 922 cr• Interest and Borrowing

expenses : -559 cr• Others incl. crncy

translation: 254 cr